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Explore our latest blog and news updates at Ghuman & Associates Inc. Stay informed with expert insights on taxation, assurance, and business matters. Discover the latest trends, tips, and industry updates to empower your financial decisions.
British Columbia & Ontario Tax Rates 2024
As the year draws to a close, it\'s time to seize opportunities to bolster your financial well-being. Our expert guide unveils seven tax-saving strategies designed to supercharge your savings and secure your financial future. From…
Maximize Your Tax Savings: Seven Must-Do Year-End...
As the year draws to a close, it\'s time to seize opportunities to bolster your financial well-being. Our expert guide unveils seven tax-saving strategies designed to supercharge your savings and secure your financial future. From…
Revolutionizing Rental Housing: Federal Government Unveils Landlord...
Introduction: In a move aimed at addressing housing affordability concerns in Canada, the federal government has unveiled a significant relief measure pertaining to the goods and services tax (GST) on the construction of purpose-built rental…
Introduction to Family Trusts: A Comprehensive Guide...
Introduction to Family Trusts A Family Trust is a separate entity managed by a trustee, which holds assets and generates income. While it offers tax benefits, there are also drawbacks such as filing obligations, setup…
Are Incorporated Truck Drivers Considered Small Businesses...
Introduction In Canada, there is a growing concern among incorporated truck drivers who file taxes as small businesses. The Canadian Revenue Agency (CRA) has taken a stance that may classify these drivers as Personal Services…
Beware of the RESP Tax Trap: How...
If you\’re a parent in Canada, you\’re probably familiar with the RESP (Registered Education Savings Plan). It\’s a popular investment vehicle that allows you to save for your child\’s post-secondary education while taking advantage of…
First Home Savings Account (FHSA) and how...
How can the First Home Savings Account (FHSA) assist you in funding your home purchase? The FHSA offers a unique combination of benefits from both a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings…
Understanding the Underused Housing Tax in Canada:...
To prevent foreign buyers from purchasing Canadian residential properties and holding them vacant, the Canadian Federal government announced in the 2018 budget that they would implement the new Underused Housing Tax Act (UHT). And this…
Meal expenses of long-haul truck drivers
Meal and beverage expenses of long-haul truck drivers are deductible at a higher rate than the 50% permitted for other transportation employees. During eligible travel periods in 2022, meal and beverage expenses are deductible at 80%.…
